Guanlan Lunjin: Gold Rally Faced Resistance at Midday, Entering Consolidation Phase, Key Support Still Allows for Low Long Positions

#加密市场观察 From the hourly chart, the morning session saw gold rally to around 4497, then met resistance, followed by a small bearish candlestick pullback. Initial signs of top divergence in the MACD indicator have emerged, indicating short-term demand for a correction. The 4480-4485 zone is a retracement confirmation level after yesterday's breakout above the previous high, and also serves as support from the MA20 moving average. If this zone holds, bulls still have room to re-engage. If broken, gold may fall to the MA60 moving average support at 4470-4473.

Recent escalation of geopolitical tensions in the Middle East has sustained demand for safe-haven assets. As a traditional safe-haven asset, gold received buying support, becoming a key driver behind the morning rally. Additionally, the Federal Reserve's meeting minutes released a dovish signal, further increasing market expectations for a rate cut in 2026. This pressured the U.S. dollar index lower, enhancing the relative value of gold priced in dollars and attracting more long-side capital.

However, profit-taking emerged during the afternoon session, and with no new major positive news to support further momentum, gold lost its drive for continued upward movement and entered a consolidation phase. Specific trading strategies will be provided during the session—please stay tuned.

Gold Trading Strategy:

Buy gold at 4450-57, add long positions on pullbacks to 4435-43, stop-loss at 4428, target 4490. If the level breaks, continue holding.